Yesterday, the pair moved above the symmetrical triangle pattern that had formed in recent weeks. At the moment, EURUSD is bullish above 1.1650 as it attempts to reach the important support of 1.1720. What is next?
14 September, OctaFX – The euro currency has moved above the 1.1650 level against the US dollar after ECB President Mario Draghi struck a bullish tone towards future eurozone inflation.
EURUSD Now Bullish Above 1.1650
The EURUSD pair may create a bullish inverted head and shoulders pattern if buyers can push price towards the 1.1730 level. Sellers will need to edge price back below the 1.1600 level to change the intraday bullish bias, while buyers are currently probing the 1.1700 resistance level.
- The EURUSD pair is intraday bullish while trading above the 1.1650 level, key resistance is now located at the 1.1700 and 1.1730 levels.
- If the EURUSD pair moves below the 1.1650 level, sellers may test towards the 1.1600 and 1.1577 levels.
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